The Higher Education Opportunity Act (HEOA) of 2008 requires disclosure of policies that can affect students in colleges and universities. The following information about Financial Aid is disclosed to you as a student at Olin College in compliance with federal law. Please visit our Consumer Information page for a complete listing of required disclosures.
The U.S. Department of Education requires that certain financial aid applications be verified. Olin College verifies all applications selected by the U.S. Department of Education, as well as institutionally selected applications. In addition, the Financial Aid Office is required to clarify any unclear or conflicting information in a financial aid application. If additional documentation is necessary, you will receive notification from the Financial Aid Office. Please respond to the request for documentation within the deadlines indicated.
NOTE: For incoming students, your Financial Aid Award is a tentative award until such time as verification documents are received and reviewed. If you are aware of discrepancies in income or assets, please make necessary corrections to your FAFSA at www.fafsa.ed.gov. Any adjustments to aid due to Verification will be indicated on a revised award letter.
Appeal Process / Change in Circumstance
Occasionally students may find that the financial circumstances reported on the FAFSA do not accurately reflect their current situation. In these cases students have an opportunity to submit an appeal letter for reconsideration of their financial aid eligibility. In most circumstances these requests will require supporting documentation.
Students are required by the federal government to update the Financial Aid Office regarding certain changes that occur during the academic year. The following changes MUST be reported:
- Number of family members in the household
- Number of siblings attending college
- Student’s enrollment status
- Student’s housing status
* A change to any of the above factors could result in an adjustment to the financial aid award.
Disbursement of Aid
Aid is disbursed and posted to the individual student account at the beginning of each semester – usually after the add/drop period - for which it is intended. All eligibility criteria are reviewed prior to disbursement. Should a student receive assistance in excess of their balance, the Student Accounts Office will issue a refund for the credit due the student or parent.
Outside Scholarship Policy
We encourage all students to pursue outside scholarships to help meet their annual student contribution. Students are required to inform the Financial Aid Office of any grants, scholarships, or benefits received from sources outside the college. Please provide a copy of the award notification as soon as possible. An outside award that is restricted to tuition will reduce your Olin Tuition Scholarship only if it exceeds the remaining tuition.
It is our policy to use the first $3,500 of outside scholarships received to meet your student contribution and reduce the amount you may need to borrow. If you receive need-based grants from Olin and receive outside aid in excess of $3,500, we will be required to reduce the Olin Need-Based Grant so that the total amount of aid does not exceed your financial need.
The total amount of outside scholarship is divided equally between the Fall and the Spring semesters. Outside scholarships must be reported to the Financial Aid Office annually. We will not automatically renew an award from a previous year without an annual notice from the agency indicating renewal.
Satisfactory Academic Progress (SAP)
Federal regulations require that students receiving financial assistance meet certain standards of Satisfactory Academic Progress. This means that the student is making progress toward completing their degree in a manner determined by the school. Financial Aid follows the same academic criteria as the Committee on Student Academic Performance (COSAP) and the standard applies to both Federal and Institutional funding received by the student. In addition to this COSAP review, the Financial Aid Office will review pace of progression in cooperation with the Registrar. The quantitative calculation of pace of progression differs from the College quantitative measure in the treatment of transfer credits. Both standards must be met for continued financial aid eligibility. Specific criteria may also exist for particular awards. Students who are not in Good Academic Standing will be placed on financial aid warning. During this warning period students continue to receive financial assistance. If at the end of the warning period the student is not meeting the required standard, they may be placed on financial aid suspension until such time as they are meeting the required standard. During financial aid suspension, students are not eligible for Federal and Institutional funding –this includes the Olin Tuition Scholarship and any other applicable merit funding. Appeals to these decisions may be directed to the Financial Aid Manager and will be reviewed by the Appeals Committee. The SAP Policy contains specifics regarding the review and appeal process.
Direct Loan Borrowers
The Department of Education has developed a comprehensive website at www.studentloans.gov to provide consumer information to students and parent borrowers.
- Direct Student Loan Borrower's Rights and Responsibilities and Plain Language Disclosure
- Direct Plus Loan Borrower's Rights and Responsibilities and Plain Language Disclosure
Students who are borrowing through the Federal Direct Loan program are required to complete Entrance Counseling to advise them of their Rights and Responsibilities with regard to borrowing a student loan. This is completed at www.studentloans.gov. Entrance Counseling must be completed prior to the first disbursement of your student loan.
Exit Counseling is completed upon graduation and/or less than half-time enrollment. Borrowers must visit the National Student Loan Data System (NSLDS) for comprehensive information regarding their individual student loan history and servicing information. Exit Counseling is completed at www.studentloans.gov . Borrowers who withdraw from the College must complete this requirement as part of the withdrawal process.
Students and parents with an executed Master Promissory Note (MPN) should note that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible to guaranty agencies lenders, and institutions determined to be authorized users of the data system.
Requirements for Return of Title IV, HEA Grant or Loan
Students who withdraw from Olin College must file a College Withdrawal Form with the Assistant Dean of Student Life for Advising. Students who withdraw from all classes before the 60% point in a semester may be required to repay all or a portion of the Title IV financial aid they received for that semester. The exact amount to be returned will vary depending on the amount of aid received and at what point during the semester the student withdraws from the college.
If a recipient of Title IV grant or loan funds withdraws after beginning attendance in a term, the amount of Title IV grant or loan assistance earned by the student must be determined. The amount earned is calculated by taking into consideration the percentage of the semester completed and the amount of aid the student was eligible to receive. This is known as the Return to Title IV calculation. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
Students who withdraw after the 60% point of the semester will have fully earned their Title IV aid and no funds will be returned.
Note that this refund policy applies to Title IV HEA funds, both Institutional charges and Institutional financial aid will be subject to the refund schedule provided by Student Accounts. Students owing a balance to the college due to the return of funds will receive a revised statement of account.
Federal Student Financial Aid Penalties for Drug Law Violations
A conviction for any offense, during a period of enrollment for which a student received Title IV, HEA program funds, under any federal or state law involving the possession or sale of illegal drugs will result in the loss of eligibility for any Title IV, HEA grant, loan, or work study assistance (HEA Sec.484(r)(1);(20 U.S.C. 1091(r)(1)). Students convicted for such offenses may regain the eligibility according to the following schedule: Penalties for Drug Convictions.
Students who are planning to study away should meet with the Director of Financial Aid to discuss options and eligibility prior to submitting their study away plan for approval. A Consortium/Contractual Agreement is required of all students who study away. See the Study Away guidelines for additional information.
Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals:
Department of Education regulation requires a school that participates in an FSA loan program to establish and enforce a code of conduct that includes bans on:
- Revenue-sharing arrangements with any lender,
- Steering borrowers to particular lenders or delaying loan certifications, and
- Offers of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of FSA loans, a specified loan volume, or a preferred lender arrangement.
This code of conduct applies to the officers, employees, and agents of the school and must also prohibit employees of the financial aid office from receiving gifts from a lender, guaranty agency or loan servicer.
This code also prohibits financial aid office staff (or other employees or agents with responsibilities with respect to education loans) from accepting compensations for:
- Any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans; and
- Service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses.
As an Institutional member of the National Association of Student Financial Aid Administrators (NASFAA), Olin College supports and adheres to the Statement of Ethical Principles and Code of Conduct established by NASFAA in March 2014.